DEX

Polygon finished the fourth quarter of 2025 with a sharp rise in on-chain usage, led by payments, stablecoin flows, and tokenized real-world assets. The network handled about $3.50 billion in payment transfers and nearly $363 million via ten Mastercard and Visa card programs, while RWAs approached $1.10 billion and stablecoin supply neared 3 billion. MATIC's price, however, remained range-bound despite higher activity and a 44% increase in average daily DEX volume.

Bitwise submitted a registration statement to the SEC for a Uniswap-focused ETF on Thursday, according to the filing. The proposed fund would track UNI and launch without staking, with the option to add it later if approved, and lists Coinbase Custody Trust Company, LLC as custodian. Around the same time, UNI fell about 15% over 24 hours, while bitcoin dropped nearly 15% on Thursday.

On Feb. 4, the XRP Ledger activated Permissioned Domains with 91% validator approval. The upgrade adds on-ledger credentials to gate access, enabling regulated trading, payments, and future lending on a public chain. Data from RWA.xyz places tokenized real-world assets at about $24.11 billion, highlighting the feature’s institutional focus.

Ripple said on Wednesday that its institutional prime brokerage, Ripple Prime, has integrated Hyperliquid to provide access to on‑chain derivatives liquidity and cross‑margining for DeFi positions alongside existing assets. Following the update, HYPE advanced toward the $35 area after a roughly 64% two‑week gain, while XRP declined about 20% over the past week.

Hyperliquid’s HYPE token has climbed about 71% in the past two weeks to a recent high of $35, even as global risk assets lost roughly $6 trillion in early 2026. The perpetuals-focused DEX is seeing surging volume, buybacks and new products like HIP-3 RWAs and the upcoming HIP-4 outcome markets, while a Feb. 6 unlock of 9.92 million HYPE worth around $335 million looms as a key test.

Ether fell 28% in a week to $2,110 as risk-off sentiment in US markets and a drop in leveraged positions hit the asset. At the same time, ETH perpetual futures funding turned negative, spot ETFs saw $447 million in outflows over five days, and decentralized exchange volumes on Ethereum dropped 47%, signaling softer demand despite some viewing negative funding as a potential entry point.

On February 2, 2026, Hyperliquid introduced HIP-4, outlining outcome trading on HyperCore with fully collateralized, fixed-range contracts designed for prediction markets without leverage or liquidations. The feature is live on testnet, with initial USDH-denominated markets using objective settlement sources and potential permissionless expansion after technical work and user feedback.

ParaFi Capital is committing $35 million to Jupiter, the Solana-based onchain trading and liquidity aggregator. The companies said tokens were bought at prevailing market prices with no discount, carried extended lockups, and the transaction settled entirely in JupUSD, with warrants enabling ParaFi to purchase additional tokens at higher prices. Jupiter described it as its first outside capital.

On February 2, 2026, Jupiter Exchange said it secured a $35 million strategic investment from ParaFi Capital at spot price, with settlement entirely in JupUSD and an extended token lockup. The move targets long-term onchain infrastructure on Solana; at the time of writing, JUP traded around $0.1838 with market cap near $596 million.

Hyperliquid said on Monday it is introducing general‑purpose "Outcome" trading as part of the in‑progress HIP‑4 upgrade, with an initial rollout on testnet. Outcomes are fully collateralized, bounded contracts that can power prediction markets and limited‑risk options, settling in USDH and running on HyperCore. The project has recorded nearly $42 billion in cumulative volume and recently reached an all‑time high in open interest.